Which banks offer cash bonuses for new checking accounts
Some banks offer cash bonuses when you open a checking account and meet certain conditions — usually depositing a minimum amount within a set timeframe or setting up direct deposit. The bonus amounts vary widely, from $50 to $500 or more, and change frequently. Banks use these offers to attract new customers, so the specific bonus available at any given time depends on which bank you choose and what promotion they are currently running.
The banks most likely to offer these bonuses include larger national banks like Chase, Bank of America, Wells Fargo, and Citibank, as well as online banks like Ally, Charles Schwab, and Discover. Credit unions sometimes offer bonuses too, though less commonly than traditional banks. The catch is that these offers are temporary — a bank might advertise a $200 bonus one month and a different amount the next, or pause the offer entirely.
Before you open an account for a bonus, read the full terms. Some bonuses require you to keep a minimum balance, make a certain number of debit card purchases, or maintain the account for a set period. If you close the account too soon or fail to meet the conditions, the bank may not pay the bonus or may take it back.
Key Takeaways
- Cash bonuses for opening a checking account typically range from $50 to $500, but the exact amount changes based on which bank you choose and when you explore.
- Most bonuses require you to deposit a minimum amount (often $500 to $2,500) within 30 to 90 days of opening the account.
- Some banks require direct deposit setup or a certain number of debit card transactions before they pay the bonus.
- Bonus offers are temporary and vary month to month, so checking the bank's website directly is the only way to know what is currently available.
- Read the full terms before opening an account, because closing the account early or failing to meet conditions can mean losing the bonus.
How to find current bonus offers
The best way to find out what bonuses are available right now is to visit the bank's website directly and look for a "New Customer Offer" or "Promotions" section. These pages are updated regularly and show the exact bonus amount, what you need to do to earn it, and the important date for meeting those conditions.
You can also search for "[Bank Name] checking account bonus" in a search engine, but keep in mind that results may show outdated offers. Websites that compare bank offers exist, but they are not always current, so verify any offer you find by going to the bank's official site before you open the account.
If you have a relationship with a bank already — meaning you have a savings account or credit card there — call and ask whether they offer a bonus for opening a checking account. Sometimes banks offer different bonuses to existing customers than to brand-new ones.
What conditions you typically need to meet
The most common requirement is a minimum deposit. This usually means you need to put between $500 and $2,500 into the account within a certain window, often 30 to 90 days after opening it. The deposit can come from a transfer from another bank, a paycheck, or cash deposited at a branch or ATM.
Some banks require direct deposit instead of or in addition to a minimum deposit. Direct deposit means your paycheck or other regular income is automatically transferred into the account. This takes longer to set up than a one-time deposit — you have to give your employer or benefits administrator your new account information, and it can take one or two pay periods to start. If the bonus requires direct deposit and you do not have regular income being deposited, you will not earn the bonus.
A few banks require a minimum number of debit card transactions — for example, 10 purchases within 60 days. Others require you to keep a minimum balance in the account for a certain period. Read the terms carefully, because missing even one condition can disqualify you from the bonus.
Online banks versus traditional banks with branches
Online banks (banks without physical branches) often offer larger bonuses than traditional banks because they have lower operating costs. An online bank might offer $200 or $300 for opening a checking account, while a bank with branches in your area might offer $50 or $100. However, online banks require you to do everything by phone, email, or their website — you cannot walk into a branch to deposit cash or speak to someone in person.
Traditional banks with branches offer smaller bonuses but give you the option to visit a physical location. If you are new to banking and prefer to talk to someone face-to-face, or if you regularly deposit cash, a branch-based bank may be worth the smaller bonus. If you are comfortable managing your account online and rarely need to deposit cash, an online bank's larger bonus might make more sense.
Some online banks partner with ATM networks so you can withdraw cash without visiting a branch, but this varies by bank. Check whether the bank's ATM network covers locations near you before you decide.
Timing and how long the bonus takes to arrive
Once you meet all the conditions for the bonus, the bank does not always pay it when ready. Most banks deposit the bonus into your account within 30 to 90 days after you have completed the final requirement. For example, if the bonus requires a $1,000 deposit within 60 days, the bank might not pay the bonus until 30 days after that deposit clears.
The bonus appears as a deposit in your account — you will see it listed in your transaction history. It is treated as regular income for tax purposes, so the bank will send you a tax form (1099-INT or similar) if the bonus is $10 or more. Keep that form for your tax records.
If you do not see the bonus arrive within the timeframe stated in the terms, contact the bank's customer service. Delays happen, and the bank can check whether you met all the conditions and reissue the bonus if there was an error.
Whether a bonus is worth switching banks
A bonus can be worth the effort of opening a new account, but only if the account itself makes sense for you. Before you open an account just for the bonus, consider whether the bank charges monthly fees, what the overdraft fees are, and whether the account has features you actually need — like no minimum balance requirement or a debit card with no foreign transaction fees.
If the bank charges a $12 monthly fee and you plan to close the account after three months, you will lose $36 in fees, which could wipe out a $100 bonus. On the other hand, if you were planning to open a checking account anyway and this bank offers the features you want, the bonus is a genuine benefit.
Read the full account terms, not just the bonus offer. A large bonus from a bank with high fees and poor customer service is not a good deal.
Frequently Asked Questions
Do I have to keep the account open after I get the bonus?
No, but check the terms first. Most banks pay the bonus once you meet the conditions, and you can close the account afterward without penalty. However, some banks require you to keep the account open for a certain period — for example, 90 days — or they will take the bonus back. Read the fine print before you open the account.
Can I get a bonus if I already had a checking account at this bank years ago?
It depends on the bank's rules. Some banks only offer bonuses to customers who have never had an account with them. Others allow bonuses for customers who closed their account more than a certain time ago — often 12 months or longer. Call the bank or check their terms to find out whether you are may be able to access.
What if I do not have a job to set up direct deposit?
Many bonuses can be earned with a minimum deposit instead of direct deposit, so look for offers that do not require direct deposit. If all the bonuses you find require it, you can ask the bank whether they will accept a transfer from another bank account as a substitute, though not all banks will.
Do I have to pay taxes on the bonus money?
Yes, the bonus is treated as income by the IRS. If the bonus is $10 or more, the bank will send you a tax form showing the amount. You will report this on your tax return. The amount of tax you owe depends on your overall income and tax bracket.
Can I open multiple accounts at the same bank to get multiple bonuses?
Most banks limit bonuses to one per customer or one per household within a certain timeframe. If you try to open multiple accounts to earn multiple bonuses, the bank may deny the bonus or close the extra accounts. Check the terms to see what the bank's policy is.